Know before you commit.
Understand the current Salary Loan structure before continuing to your application.
The current Salary Loan structure.
These figures are the current figures in the supplied Auxilium lending material.
Loan amount
₦100,000 – ₦2,000,000
Tenure
3 – 12 months
Monthly interest
4%
Processing fee
1%
Credit-life insurance
1.5%
Repayment
Deducted from source
Eligibility and approval
Salary Loan applications are subject to eligibility and credit assessment. Meeting the basic requirements does not guarantee approval.
Approved amount
The amount requested by an applicant may differ from the amount ultimately approved. The applicable approved amount will be communicated as part of the loan offer.
Interest
The current Salary Loan information states a 4% monthly interest rate. The applicable loan offer should provide the specific interest and repayment information relating to the approved loan.
Processing fee
The current product information states a 1% processing fee.
Credit-life insurance
The current product information states 1.5% credit-life insurance deducted upfront.
Net disbursement
Where upfront charges apply, the amount ultimately disbursed may be lower than the approved principal. The internal lending flow specifically indicates that WACS is prompted to disburse the approved principal less applicable upfront charges.
Repayment
Repayments are deducted from source according to the accepted loan terms. Customers should review their repayment amount, dates and total repayment obligation before accepting a loan.
If an application is declined
An application may be declined where it does not meet the applicable eligibility or credit-assessment requirements.
Missed or failed repayments
Any consequences, charges or procedures relating to missed repayments are governed by the applicable customer loan agreement.
Early repayment
Applicable early-settlement conditions are stated in the individual loan agreement or provided through Auxilium Support.
Ready for the next step?
Check the basic requirements first. Potentially eligible applicants can then continue securely to WACS.